58 Days to Go; Money: No Object

By GLEN JUSTICE

Published: September 5, 2004

President George Bush and Senator John Kerry, with the two party committees that support them, have raised more than $1 billion in this year's race, and neither side is planning to close the cash register anytime soon.

While Democrats have used a wave of anti-Bush sentiment to draw in tens of millions, Republican fund-raisers and donors left their convention eager to get to work.

''One of the goals of the convention is to raise money for the candidate, and from that standpoint the convention was a grand slam,'' said Stephen Moore, president of the conservative Club for Growth. ''In the next 14 days, tens of millions will be raised for Bush.''

Both candidates are now operating on about $75 million each in public financing; Mr. Bush will spend the money over two months while Mr. Kerry had to stretch it for three because of the timing of the Democratic convention.

The work of gathering millions for television ads and turning out voters now rests with the political parties and a handful of advocacy groups, known as 527 committees for their section of the tax code, that can collect the unlimited ''soft money'' contributions forbidden to candidates and parties.

Despite Mr. Kerry's impressive surge after winning the primaries (he is the best-financed challenger in presidential campaign history) Mr. Bush is still ahead.

The Bush-Cheney campaign and the Republican National Committee have raised more than $487 million from January 2003 through July, according to PoliticalMoneyLine, which tracks campaign finance. The Kerry-Edwards campaign and the Democratic National Committee have raised about $100 million less. In total, the two candidates and their parties have raised about $874 million. Add to that $150 million in federal financing and the race was already at $1 billion by the end of July.

But it's not over yet, and there are caveats. Democrats have raised tens of millions through a handful of 527 committees, which began working last year while Republicans argued that the groups should be regulated. In the last few weeks, Republican organizations have waded into the game in earnest and it remains to be seen how competitive they can be.

''Now, it's catch-up,'' said Shawn Steel, a Republican fund-raiser from California working with Mr. Moore's group, which runs a 527 committee. ''And catch up we will.''

The new McCain-Feingold campaign finance law prevents organizations from running commercials that mention a candidate within 60 days of the general election, if the advertisements are financed with soft money contributions from corporations or labor unions. But many 527 organizations have solicited money from wealthy individuals, allowing them more flexibility.

Meanwhile, Mr. Bush will continue to press his network of almost 550 fund-raisers, who have each raised at least $100,000, to collect money for the Republican Party.

Mr. Kerry's network is smaller, but his Internet fund-raising operation has brought in tens of millions -- more than any other campaign online. That operation is now raising money under the auspices of the Democratic Party.

In the end, neither side is likely to be vastly underfinanced. ''Candidates, parties and outside voices,'' said Michael Malbin, executive director of the nonpartisan Campaign Finance Institute, ''will have more than enough resources to be heard across the country many times over.'' GLEN JUSTICE